{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:MY4SFYJDLDN55YZWCEJ3AB4HVD","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"384e2585ef91af189ecfe95e0e48d4d7f482dcfb56b3f69a318ca9e94e649f6a","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by-nc-sa/4.0/","primary_cat":"q-fin.PM","submitted_at":"2016-02-02T03:51:44Z","title_canon_sha256":"feb1f99c2c81a066dba692110ed28ad35cec6b915cc9ca31f22a204279be0890"},"schema_version":"1.0","source":{"id":"1602.00782","kind":"arxiv","version":3}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1602.00782","created_at":"2026-05-18T00:38:36Z"},{"alias_kind":"arxiv_version","alias_value":"1602.00782v3","created_at":"2026-05-18T00:38:36Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1602.00782","created_at":"2026-05-18T00:38:36Z"},{"alias_kind":"pith_short_12","alias_value":"MY4SFYJDLDN5","created_at":"2026-05-18T12:30:32Z"},{"alias_kind":"pith_short_16","alias_value":"MY4SFYJDLDN55YZW","created_at":"2026-05-18T12:30:32Z"},{"alias_kind":"pith_short_8","alias_value":"MY4SFYJD","created_at":"2026-05-18T12:30:32Z"}],"graph_snapshots":[{"event_id":"sha256:5be629b25d8fa05a64504b15f6c62d17a5bec6c338b0e63a7454d97a11fa9880","target":"graph","created_at":"2026-05-18T00:38:36Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"We empirically show the superiority of the equally weighted S\\&P 500 portfolio over Sharpe's market capitalization weighted S\\&P 500 portfolio. We proceed to consider the MaxMedian rule, a non-proprietary rule designed for the investor who wishes to do his/her own investing on a laptop with the purchase of only 20 stocks. Rather surprisingly, over the 1958-2016 horizon, the cumulative returns of MaxMedian beat those of the equally weighted S\\&P 500 portfolio by a factor of 1.15.","authors_text":"James Thompson, Philip Ernst, Yinsen Miao","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by-nc-sa/4.0/","primary_cat":"q-fin.PM","submitted_at":"2016-02-02T03:51:44Z","title":"Portfolio Selection: The Power of Equal Weight"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1602.00782","kind":"arxiv","version":3},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:b7522480d99eecdf9fa8c0bcf46620b4400c069fdf440561cd497998eccada1b","target":"record","created_at":"2026-05-18T00:38:36Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"384e2585ef91af189ecfe95e0e48d4d7f482dcfb56b3f69a318ca9e94e649f6a","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by-nc-sa/4.0/","primary_cat":"q-fin.PM","submitted_at":"2016-02-02T03:51:44Z","title_canon_sha256":"feb1f99c2c81a066dba692110ed28ad35cec6b915cc9ca31f22a204279be0890"},"schema_version":"1.0","source":{"id":"1602.00782","kind":"arxiv","version":3}},"canonical_sha256":"663922e12358dbdee3361113b00787a8f0e1a8afe598448f0468171c8bc7f82e","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"663922e12358dbdee3361113b00787a8f0e1a8afe598448f0468171c8bc7f82e","first_computed_at":"2026-05-18T00:38:36.620003Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T00:38:36.620003Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"VlvKxWCFKTyfD8JtjGOB/PKUvLEwmviHa49s/NuN2lhuPO3F/RZvFUPhH5ziuwWq9U/v25X+JPGeFLO1MAKrCg==","signature_status":"signed_v1","signed_at":"2026-05-18T00:38:36.621570Z","signed_message":"canonical_sha256_bytes"},"source_id":"1602.00782","source_kind":"arxiv","source_version":3}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:b7522480d99eecdf9fa8c0bcf46620b4400c069fdf440561cd497998eccada1b","sha256:5be629b25d8fa05a64504b15f6c62d17a5bec6c338b0e63a7454d97a11fa9880"],"state_sha256":"94d75034adc9bdda970a33b068187264bc3cf4bda21f6dacaf029ac0e298eee0"}